This loan is
designed to assist those borrowers with bad credit or a poor credit history
to purchase or refinance a home. By
refinancing and consolidating your debts you may be able to minimise your
repayments, settle debts in default and eventually clean up your credit
rating. The level of impairment can range from arrears to bankruptcy with
interest rates determined by level of credit impairment and LVR
At some point in the
past, a borrower may have experienced
difficulty in meeting their monthly
commitments due to lack of work, in suffering
an unexpected business loss or by having a
difference of opinion with a former credit
provider. Unfortunately, in these cases the
former credit provider may have lodged a
payment default (or black mark) on their
credit report with a credit recording agency.
When applying for
finance, a default lodged on a credit report
may cause frustration as a lender may not take
the time to understand the borrower’s
explanation and surrounding circumstances on
which the default occurred.
Credit-Impaired Loans are designed especially
to assist a borrower in these circumstances.
Usually these loans incur an extra interest
rate margin and possibly extra fees and
charges
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Applicant type
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Individuals, Companies, Trusts.
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Employment requirements
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P.A.Y.G. is O.K. Self-employed must be for one
year
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Income: required proofs
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Payslips, group certificates or employer letter.
Self-employed, two years tax returns.
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Loan amounts minimum & maximum
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$30k to $2 mil
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Purpose
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Owner-Occupied, or Investment
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LVR
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95% or 90% for low doc
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Coded, non-coded, or either
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Either
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Credit related issues
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Major credit impairment is O.K.
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Variable, fixed or both
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Variable only
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P&I, I/O, or both
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Both
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Residency Status
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Citizens and permanent residents
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Comments, special conditions
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Approximate rate
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By Quote
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